Investing in precious metals is a big step for any investor. Whether you decide to keep it at home or in a secure vault location, your aim should be to keep your bullion safe and secure. Since the metals have low melting points, fire protection is important.
There are three main ways to store precious metals:
- Safe deposit box – These are usually held at financial institutions and you can access your box only during the bank’s business hours. This option may come at a high insurance price.
- Fireproof safe at home – Having your own safe certainly ensures that you can get to your investments whenever you want to and you don’t have to count on a third party to keep your metal safe. But, storing bullion on your property can compromise personal security and raise the cost of your homeowner’s insurance.
- Gold storage vault – The state of the art gold storage in Sydney offers specialized precious metal storage. The facility fully insured your assets and adheres to stringent security protocols.
Top Tips for Storing Your Precious Metals
Once you figure out how you want to store your metals, use the below tips to maximize security.
1. Make sure there’s enough space:
One of the best things about owning bullion is that it packs tons of value into a tiny space. If you plan to rent a vault, be sure to get one big enough for what you already have but also with enough space for future investments.
2. Be discrete about your storage protocols:
Just like a brand-new car, your bullion is precious. It can be tempting to talk about it with anyone who will listen. But, it’s never a wise idea to give out sensitive information about where you keep your metals. Never take your bullion out of its usual location, either, to show other people.
Read also: Three easy ways to manage your storage
3. Invest in security:
If you are going to keep your metals at home, an alarm system is critical. Get an automated alarm system that will let you lock and alarm your doors from a mobile device. You may also want to install CCTV.
4. Insure your investments:
It is important to ensure that your precious metals are properly insured. Where you store your bullion affects just how much coverage you will want to carry. Private vault facilities usually carry adequate insurance to cover physical bullion stored on site, but you should confirm that your metals are kept in a separate space and not with other people’s valuables. Get their contact information to find out more.
5. Stay away from self-storage:
If you have a storage locker at a self-storage facility, do not use it to store your precious metals. These lockers are not at all ideal for physical silver and gold. The employees at the storage facility are not held to the same standards are vault and bank facility staff, which can increase the chances of inside theft. Furthermore, even if the facility has cameras and alarms, they are not as solid or closely monitored as the other options we have discussed. They are also usually in out of the way places which makes them attractive to burglars.
Take note of these tips and keep your precious metals safe.